MENA’s Key Investments in O&G

The Middle East and North Africa (MENA) region, driven by long-term visions, oil and gas expansion, and localization, will continue to play a critical role in the world’s oil and gas companies’ ventures, despite the conflict causing firms to divert some investment towards other regions.

Investment increasingly shifts toward natural gas, LNG infrastructure, and petrochemical downstream integration. The MENA region spent nearly $92bn last year; with $34bn in GCC awards by mid-2026. The region has over $640bn of planned oil, gas, and petrochemical projects, while the GCC’s projects pipeline valued at over $320bn.

The International Energy Agency (IEA) projecting world oil supply of nearly 109 million barrels per day through 2026, growth of roughly 700-860 thousand barrels per day.

Saudi Arabia dominates the project spending, followed by UAE, Qatar and Oman. Iraq is an emerging high-growth market.

Saudi Aramco has committed capital expenditure of $50-$55bn for the year, with an emphasis on increasing domestic gas production, freeing crude oil for exports, and powering the growth of the oil and gas industrial sector. The investment will support the oil production capacity at 12 million barrels per day.

Aramco moves forward with its multi-phased Jafurah unconventional gas field, a $100bn capital project the company calls the "jewel" of its gas portfolio. It began production in early 2026 alongside the Tanajib Gas Plant, one of the largest gas processing facilities of its kind, as part of a plan to lift sales gas production capacity by roughly 80% between 2021 and 2030. The offshore Dorra gas field project is another major development this year by Aramco’s subsidiary.

The kingdom has an estimated $30bn worth of petrochemical and specialty chemical projects in the EPC stage. Saudi Aramco Total Refining and Petrochemical Company (SATORP) is expanding its operations into advanced petrochemicals through the $11bn Amiral petrochemical complex in Jubail.

In the UAE, Adnoc invests in sour gas processing and downstream-linked gas treatment capacity. The company’s natural gas processing unit has spent over $13bn in its Rich Gas Development (RGD) programme. It is part of the company’s previously committed $28bn capex budget for 2026-30.

Meanwhile, the NOC is advancing its oil production capacity target of 5 million barrels per day by 2027 backed by a $150bn capital expenditure plan.

Mega-producers like QatarEnergy continue advancing its large-scale North Field LNG expansion project targeting 142 MTPA by 2030. The state-owned integrated energy company has committed over $40bn in the three phases of expansion, which represents an increase of almost 85% from current production levels.

The region pushes ahead with its development plans and new investment opportunities.

Editor